money

Question 1

money

Answer 1

anything that is generally accepted as a payment for goods, services and payment of debts

Question 2

functions of money

Answer 2

medium of exchange
store of value
unit of account
means of deferred payment
measure of value

Question 3

medium of exchange

Answer 3

money can be used in the exchange of goods and services

Question 4

measure of value

Answer 4

money can be used to determine how much something is worth

Question 5

unit of account

Answer 5

money is used to track how much to spend or how much you intend of spending

Question 6

store of value

Answer 6

money enables people to save for the future

Question 7

means of deferred payment

Answer 7

money permits people to buy things on credit [buy now, pay later]

Question 8

characteristics of money

Answer 8

durability
acceptability 
homogenity 
portability
divisibility

Question 9

durability

Answer 9

money can be able to last for long

Question 10

portability

Answer 10

money can be carried around easily

Question 11

acceptability

Answer 11

money must be generally accpeted

Question 12

scarcity

Answer 12

money must be scarce to reduce inflation and motivate workers

Question 13

divisibility

Answer 13

can be broken down into smaller amounts